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Varonis Systems

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Varonis Systems
Company typePublic
Nasdaq: VRNS
Russell 2000 Component
IndustryComputer software
Founded2005
FounderYaki Faitelson
Ohad Korkus
HeadquartersNew York City, U.S.
Area served
Worldwide
Key people
Yaki Faitelson
(CEO)
David Bass
(Chief Technology Officer)
Guy Melamed
(CFO)
Revenue
  • US$ 287.3 million (2020) [1]
Total assets
  • US$ 555.5 million (2020) [1]
Total equity
  • US$ 82.7 million (2016) [2]
Number of employees
2100 (2022) [3]
Websitehttps://varonis.com

Varonis Systems is a software company with headquarters in New York City with R&D offices in Herzliya, Israel. They developed a security software platform that allows organizations to manage and protect unstructured data.[4] Varonis performs User Behavior Analytics (UBA) that identifies abnormal behavior from cyberattacks.[5] Their software extracts metadata from an enterprise's IT infrastructure and uses this information to map relationships among employees, data objects, content, and usage.[6]

History

Varonis Systems was founded in 2005 by Yaki Faitelson and Ohad Korkus, in order to address security issues such as file activity tracking, information rights management, and access control.[7] Prior to Varonis, Faitelson and Korkus worked at the global professional services and systems integration divisions of NetVision and NetApp.[8]

Faitelson and Korkus invented a solution that would retrieve metadata contained in file systems. They brought in Dr. Jacob Goldberger, an expert in statistical modeling and machine learning, to help develop the algorithms that would provide the user-data link.[9] In 2005, Faitelson, Goldberger, and Korkus filed a patent, “Automatic management of storage access control", which was granted in 2006.[10] The result of their work was the Intelligent Data Use (IDU) classification platform, a platform for gathering and analyzing file data use. The first product based on this platform, DatAdvantage, was released in 2006 – built so that enterprises can monitor file activity and user behavior, and manage data ownership, data access rights, and responsibilities of file system data.[11][12]

Varonis continued with core platform development. In 2009, Varonis added the IDU Classification Framework, which allowed Varonis products to search for keywords, phrases and patterns from file content.[13] In 2013, Varonis released DatAlert to detect and uncover insider threats and potential data breaches, notifying and alerting on suspicious file system activity including unusual access to sensitive data and changes to permissions and configuration files.[14]

Varonis raised capital from Accel Partners, Evergreen Venture Partners, Pitango Venture Capital, and EMC.[15][16]

In February 2019, the company announces to shift its model from a perpetual license model to a subscription model. The stock fell 22% after the announce.[4]

In 2021, Varonis Systems announced it’s expanding its operations and doubling its workforce in Cork.[17]

Technology and Architecture

The Varonis Metadata Framework is implemented at two levels. Non-intrusive monitoring resides on file servers, feeding both real-time file event information and ACLs to a separate server.[18] The collected data is stored in a database. The second part, the IDU analytics engine, performs statistical analysis to derive data owners, baseline user activity, and user groupings. The Metadata Framework is able to incrementally index file metadata, thereby allowing it to maintain the current state of file metadata in its database. DatAdvantage presents this information to IT administrators. As of April 30, 2016, Varonis had 28 issued patents in the United States and 43 pending U.S. patent applications.[19]

Products

Product Category Product
User behavior analytics and Data Security DatAlert
Data Governance and Data Protection DatAdvantage
Identity and Access Management DataPrivilege
Archiving and Migration Data Transport Engine
Enterprise File Sync and Sharing DatAnywhere
Enterprise Search DatAnswers

Supported Platforms

  • Office 365
  • Windows
  • UNIX/Linux (but no DatAnywhere client)
  • SharePoint
  • Exchange
  • Office 365[20]
  • Active Directory/LDAP
  • EMC NAS
  • NetApp NAS
  • HP NAS
  • Hitachi NAS[21]
  • IBM Storewize V7000[22]

Customers

Awards

  • Fast 50 Reader Favorites of 2008[23]
  • Network World – 10 enterprise software companies to watch[8]
  • Leader in The Forrester Wave: Data Security Platforms, 2023[24]

References

  1. ^ a b "Varonis Announces Fourth Quarter and Full Year 2020 Financial Results". Varonis Systems Inc.
  2. ^ "Varonis Announces Fourth Quarter and Full Year 2017 Financial Results". Varonis Systems Inc.
  3. ^ "Varonis Systems (VRNS) Q1 2022 Earnings Call Transcript". Nasdaq.
  4. ^ a b DeFrancesco, Robert. "Varonis Stock Rebounds 52% From February Low On Speedy Shift To Subscriptions". Forbes. Retrieved 2023-06-06.
  5. ^ Press, Gil. "The Good News About Ransomware And How It Changes The Cybercrime Economy". Forbes. Retrieved 2016-08-20.
  6. ^ Pratt, Mary K. (2 September 2015). "Loyola University Maryland". Retrieved 2016-08-20.
  7. ^ "This Israeli company managed to IPO, double its valuation and cross the $1B mark, and that was just on Friday". Geektime. 2014-03-02. Retrieved 2016-09-02.
  8. ^ a b Brodkin, John (April 7, 2007). "10 enterprise software companies to watch". ComputerWorld.
  9. ^ Professor Jacob Goldberger Bloomberg
  10. ^ Automatic Management of storage access control US Patent 20060277184 A1
  11. ^ Press, Gil (October 21, 2013). "Do You Know Where Your Data Is And Who Reads It? Varonis Knows". Forbes.
  12. ^ Perlroth, Nicole (March 29, 2015). "Secrecy on the Set: Hollywood Embraces Digital Security". The New York Times.
  13. ^ a b c d e f Form S-1 Registration Statement SEC
  14. ^ "VARONIS UNVEILS DATALERT TO ENABLE REAL-TIME DETECTION OF POTENTIAL BREACHES AND UNAUTHORIZED CHANGES (NASDAQ:VRNS)". ir.varonis.com. Retrieved 2016-09-09.
  15. ^ "Varonis Systems Soars As 2014's First Technology IPO". 2014-02-28. Retrieved 2016-09-02.
  16. ^ Konrad, Alex (March 3, 2014). "No IPO Hangover: Varonis' CEO Talks Going Public After A Big First Day". Forbes.
  17. ^ "How Ireland's second city emerged as a global cybersecurity hub". www.securitymagazine.com. Retrieved 2023-06-06.
  18. ^ Varonis: Data Governance in the Hands of the People ESG
  19. ^ Varonis Systems 1st Quarter 2016 Report (Form 10-Q)
  20. ^ Systems, Varonis (20 May 2015). "Varonis Launches Compatibility With Office 365, Providing Peace of Mind for Businesses Moving to the Cloud". Retrieved 2016-08-20.
  21. ^ Hitachi NAS Platform with Varonis Hitachi Technical Paper
  22. ^ Systems, Varonis (25 February 2016). "Varonis Announces Integration with IBM Storewize V7000 Storage Systems". Retrieved 2016-03-29.
  23. ^ "The Fast 50 Reader Favorites of 2008". Fast Company.
  24. ^ "Forrester Reprint". reprints2.forrester.com. Retrieved 2023-05-10.
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